Midday Commentary: Newer preferred issues holding their ground; calendar quiets down for week

By Stephanie N. Rotondo

Phoenix, Jan. 31 - New preferred issues were treading water on Thursday, as there was little in the way of price movement.

J.P. Morgan Chase & Co.'s $850 million of 5.45% series P noncumulative perpetual preferreds were holding with a $24.75 bid, according to a trader.

The deal priced Tuesday and freed up early Wednesday.

Saul Centers Inc.'s $125 million of 6.875% series C cumulative redeemable preferred stock - another deal that came Tuesday, though little of it has been seen since then - was meantime pegged at $24.90 bid.

Of other deals that came during the week, FirstMerit Corp.'s $200 million of 5.875% series A noncumulative perpetual preferred stock was coming in slightly, as a trader quoted the issue at $24.55 bid, $24.60 offered.

That deal came Monday and freed up Wednesday afternoon.

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